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Financial Statement GOVERNMENT OF BARBADOS FINANCIAL STATEMENT AND BUDGETARY PROPOSALS 2011 PRESENTED BY HON. CHRISTOPHER P. SINCKLER MINISTER OF FINANCE AND ECONOMIC AFFAIRS Tuesday 16th August, 2011 1 Mr. Speaker Sir, it is with a chastened outlook yet calmed assurance that I rise to deliver to this Honourable House the Financial Statement and Budgetary Proposal for 2011. I am chastened Sir, not only by the enormity of the task that confronts me as Minister of Finance and Economic Affairs, as it does indeed the entire Government and people of Barbados, but equally as well by the massive responsibility which has been imposed on us to safely navigate our country through this most challenging period of the country’s history. Lesser men and women would have shirked from this responsibility in favour of more certain waters and a less contentious atmosphere. Surely at times Mr. Speaker, my own human frailty has led me, as I am sure it has led many others across this country, in moments of weakness to ask: why me? But for those of us on whom God Almighty has vested the burden of leadership in trying times, it is expected that we do as the Apostle Paul instructed the early Christians in his letter to the Corinthians and I quote: “Keep alert, stand Firm in your faith, be courageous, be strong” That is why for my own part, as I walk this treacherous path of uncertain economic times, I do so with a resilience to do what is mine to do. For I know that my strength also comes from the certainty that I am not walking this path alone. Indeed Sir, I stand here before this Chamber comforted in the knowledge that I have the unreserved support of my political leader 2 and Prime Minister, the Honourable Member for St. Michael South, just as I have the overwhelming backing of my colleagues who, each in their own way, have contributed mightily to the framing of this policy statement to be imparted today. I am equally assured in my task Mr. Speaker by the rich guidance which I received from the representatives of labour, the private sector and wider civil society across the country as they participated vigorously in the annual pre- budget consultations that set the stage for my presentation. To be certain, less than two weeks ago at the most recent consultation of the full Social Partnership on the economy of Barbados, I gathered a renewed sense of deep national commitment for the forging of new linkages among ourselves to aid in the restructuring and revitalisation of our economy and society. We know that the challenges are great and the demands greater, but we also know that our commitment to seeing Barbados through this is unshakable and that working together as Team Barbados we will succeed. But Sir, my ultimate sense of assuredness has come from scores of ordinary Barbadians who on a daily basis offer up prayers of intercession on my behalf and for this country and its government as we lean on each other to confront our most complex challenges. I am happy this afternoon to know that even though times are tough and things are hard on many in Barbados as is the case with so many from across the region and the world, Barbadians have not lost faith in their government nor their country. And they have not lost faith Sir, I believe, for principally two reasons. The first is that they understand and appreciate that Barbados does not exist on a planet all by itself where no one and nothing touches the serenity of our existence. Barbadians are educated enough to appreciate the reality that, 3 contrary to the opinion propagated by critics of this Government, this country has been and continues to be severely affected by an economic crisis that is the worst in the post-modern history of the world. A crisis whose dimensions, virulence, duration and impact have defied the best economics brains in the world, if not the few economic experts we have right here in Barbados. They know that the veritable collapse of many Western European economies, and the ‘hobbled’ nature of the United States (US) and British economic recoveries, means that less people will fly to our beautiful country and those that do will bring less money with them simply because they have less money to spend. They know that less foreign investment will come to our shores not because of any policy of this Government but simply because investors not only have less to invest but are highly skeptical about investing in these uncertain economic times. They know and understand that less of our goods and services will sell overseas not because as a country we are not trying to be competitive or to find ways to increase our exports, but simply because high unemployment and less disposable income overseas has hampered consumers from enjoying the luxury of as we would say buying Bajan. Secondly, and on the converse Sir, Barbadians have kept faith with this administration because they know that we have kept faith with them, and that this Government has walked side by side with them in these very challenging times. 4 They know Mr. Speaker that we have done our best to support them, and in particular the most vulnerable among us, from the worst effects of this terrible global economic downturn. For example Sir, Barbadians know that in 2008 at the start of this recession, this Government took a decision to give public servants a salaries increase so as to assist them to cope with the impact of rising prices. Barbadians know that this Government also took the decision to accelerate the increase in the reverse tax credit for the working classes among us from $750.00 straight to $1300.00 to help them to adjust to the inevitable negative impact the coming downturn from the recession would produce. Barbadians are well aware that it is this Government that determined that those among us who fell from employment because of the recession should not only be given an opportunity to re-train for successful re-entry hopefully at a higher into the work force but importantly as well, that we should hold their hands by extending their unemployment benefits a further 14 weeks as they and their families sought to adjust to the loss of income in the household. Further to this Mr. Speaker, who in Barbados could deny that it was this Government that increased welfare grants to the most vulnerable, removed the payment of the National Housing Corporation (NHC) rents at an average of $300.00 per month for more than 2000 households (and growing); that freed many a parent from the payment of bus fares for their school aged children and instituted summer camps that relieved the financial and other burdens from scores of families over the summer holidays but also created earning opportunities for several small business people who service those camps. 5 Or who could credibly argue against the fact that through this Government once again Barbadians like you and I can have the hope of owning or renting an affordable house through the National Housing Corporation which has finally been restored to its original mandate of housing people across this country. This is not a figment of the imagination. It is not a pie in the sky dream expressed only in a brochure. These are real housing solutions Sir that can be touched, where real people live and, as the Honourable Leader of the House would say, where toilets are flushed every day. It is Greens, St. George; it is Four Hill and French Village, St. Peter; Marchfield and Work Hall, St. Phillip and the palatial Covereley, Christ Church. Indeed Sir, letters are being prepared to be sent out to the next batch of honest, hard working Barbadian families who have been chosen as the new occupants of NHC homes at Stuart Lodge (Tweedside Road) and Country Park Towers (Country Road). In the months to follow it will be Lancaster 1 and 2, Valarie, Grotto, Mason Hall Street, Eckstein Village, Haggatt Hall and yes Sir, Deacons Road too as this Government replaces talk with action in our quest to house every last person in this country. But above all else Mr. Speaker, Barbadians, in spite of every challenge which we might face in this period of economic slowdown, can declare that its Government, this Democratic Labour Party Government, has fought tooth and nail to ensure that as many of them as possible can hold on to their jobs. Indeed Sir, it is a claim which not many other populations across the world can make about their government with any degree or credibility. 6 Why? Because few others have taken a firm policy stand that as part of a national strategic response to the recession Government would work with its colleagues in Labour and the Private Sector to keep people employed for as long as thank God we have been capable of doing so up to now. Fewer still can boast that their government not only made that commitment but that they went about systematically and strategically extending instruments of support to their private businesses to help them through the darkest days of the recession. Are you aware Mr. Speaker how many companies in the region or elsewhere in the world would have been happy to be able to access a direct financial support mechanism such as the Tourism Relief Fund with nearly $25 million in non-reimbursable grant funding? Or perhaps be able to have the penalties for the nonpayment of taxes and social security impositions waived even as they were allowed to enter into a mitigated repayment programme? Or better yet Sir, to be able to defer payments of such obligations and have them treated as a loan to the company to help ease their cash flows during the worse effects of the recession.
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